The International Energy Agency (IEA) has lowered its forecast for global oil demand growth to 1.2 million barrels per day. Demand is now expected to reach 103.17 million barrels per day. In the previous March report, the IEA predicted global demand in 2024 at 103.176 million b/d after 101.842 million b/d in 2023. According to the April report, the IEA predicts that oil demand in 2024 will amount to 103.166 million b/d. However, the base level of demand for 2023 has changed and amounted to 101.964 million b/d. Consequently, the forecast for the growth rate of demand decreased from 1,334 to 1,202 million b/d. Global demand in 2025 is estimated at 104.312 million b/d. Forecasts for the next year were not provided in the March report. «Demand growth is projected to slow down in 2024 and 2025 to 1.2 million b/d and 1.1 million b/d, respectively,» the report says.
